QQQ (Nasdaq 100 tracking ETF) offers an objective short entry on this backtest of the key 115.75-116.00 resistance zone with a suggested stop on a daily close above 117.50. The current price targets are T1 at 113.51, T2 at 111.74 & T3 at 109.82 with additional downside targets likely to be added, depending on how the charts play out going forward. The suggest beta-adjustment for this trade is 1.0 with the proper adjustment to account for the leverage if using a 2x or 3x bullish or bearish ETF such as QID/QLD (SBA of 0.5) or SQQQ/TQQQ (SBA of 0.33).
QQQ daily 2 Nov 7th